The company, which had long-term debt of $8.62 billion at the end of June, said it had reduced debt by more than $1 billion so far this year.

Chesapeake undertook a couple of debt-for-equity swaps, or bond swaps, this year to reduce interest payments and debt taken to fund shale development.

The company raised its 2016 production forecast by 3 percent.

Net loss attributable to Chesapeake's shareholders narrowed to $1.79 billion, or $2.48 per share, in the second quarter ended June 30 from $4.15 billion, or $6.27 per share, a year earlier, when it took a $5 billion impairment charge.

Excluding items, the company had a loss of 14 cents per share, bigger than the 10 cents analysts on average had expected, according to Thomson Reuters I/B/E/S.

Total revenue more than halved to $1.62 billion, missing the average estimate of $1.93 billion.